$750: The Ether Price Freight Train Has a New Target

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The price of ether, ethereum’s native token, hit a new all-time high of $686 today, and the price chart analysis suggests the rally could continue.

At the time of writing, ether (ETH) was trading around $680. As per CoinMarketCap, the world’s second largest cryptocurrency by market capitalization has appreciated by 24.6 percent in the last 24 hours.

Having scaled $400 on Nov. 23, ETH spent a better part of the last three-weeks trading sideways in the $400–$480 range.

The congestion ended with an upside break on Monday amid news that Swiss banking giant UBS, along with other banking industry heavyweights, are planning to use the ethereum network as a means of complying with new regulations scheduled to go live in the EU on Jan. 3.

Ethreum’s smart contract capabilities and the decentralized nature could bring down the costs associated with data reconciliation and storage, the firms told CoinDesk.

Whether news driven or not, ETH has rallied 50 percent in the last 48 hours on the back of strong volumes. Twenty-four-hour volume has moved closer to $5 billion, while ether’s market capitalization currently stands at $63.71 billion.

That said, there is still plenty of steam left in the bullish move, indicates the price chart analysis.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.